Starting an online gambling business is a lot different now than it was a decade ago. Until the end of 2011, the United States had banned all forms of online betting. Other countries have heavily regulated it, Visa created the 7995 code to identify online gambling transactions, and acquiring banks oftentimes make it difficult to obtain gambling merchant accounts. However, Instabill has been helping gambling and casino merchants find reliable Internet merchant accounts since 2001.
Since it is easy to obtain a data processing license and offshore incorporation in Costa Rica, this is where many gambling businesses begin. The license and incorporation are affordable, but neither permits the business to accept card payments. Additionally, acquiring banks do not view the license as an international gambling license. Once you kick-start your business in Costa Rica, it will soon be time to move your business elsewhere.
The importance of gambling licenses for online gambling
Ideally, you would want to obtain a gambling license in each country you want to target. While that is not always possible, you can try to get as many gambling licenses that are within your grasp. The more countries you are able to operate in, the more customers you will acquire and more revenue you will generate.
As a startup merchant, you may not realize that you can incorporate your business in multiple countries. Europe and Asia are home to most of the larger, legal online gambling establishments, but you can register your business in other locations in order to get an online gambling license and gambling merchant account.
Instabill recommends that gambling merchants consider registering in Latin America, Panama, Curacao, and Belize. These locations are affordable and opening a gambling merchant account can be easy. To learn more about how we can assist you with an offshore incorporation as well as help you open a gambling merchant account, call 1-800-318-2713 or contact us online today.
